Remitano – Is It Good?
Remitano is one of the six cryptocurrency exchanges registered in the Seychelles, an island country in the Indian Ocean. It started back in 2014 out of the demand for Bitcoin in Africa, South America and the Middle East. Developing countries like the ones in these areas have a desperate need for cryptocurrency and Remitano aims to fulfill that need in the form of Bitcoin and a few altcoins.
But how good is Remitano? Is Remitano trustworthy? Why does it operate from a tiny island far from its market? And, most importantly, how does it stack up against other platforms?
What Does Remitano provide?
Serving for the better part of a decade, Remitano is definitely not a scam exchange looking to get your money. However since it is a P2P exchange, some scammers can get in. To combat this they have an escrow system and other newer security features to try and diminish the cases of fraud. Two-factor authentication is also available to secure your account.
Remitano also has gotten better at their customer support, with a live chat available to answer all of your questions.
Buying is incredibly easy in Remitano. All you do is click on “buy”, write how much you want to buy and your wallet address and you-re ready to go. If you want to sell all you need to do is click on “sell” and write the amount of Bitcoin you want to sell. The platform will immediately connect you to someone that is ready to fulfill your needs.
Remitano also provides a few other services like your own Bitcoin wallet, although as we’ve mentioned before, it’s always a better idea to wallet and your exchange separate.
Like many other exchanges, Remitano is an unregulated Bitcoin exchange. That’s why Seychelles is such a perfect place for this exchange. With very liberal views on financial regulations, even if regulaions become a thing, Seychelles may not enforce them. And at the end of the day, that’s what Bitcoin should be, an unregulated, independent currency.
Although it’s not a large exchange platform, it does have its own apps! You can use Remitano in your iPhone or Android and not miss a single feature.
Remitano serves over 30 countries, mostly focusing in their African, South American and Middle Eastern customers. That’s why you’ll see them serving developing countries like Nigeria, Vietnam, India, Cambodia, Tanzania, Ghana and Malaysia.
Remitano also supports the United States.
Remitano Rates and Buying Limits
To get the best bang for your buck you always need to examine your platform’s fees. In the case of Remitano, the fee is somewhat high compared to the industry standard:
Remitano fee: 1%
Although it is a bit larger than usual, Remitano doesn’t charge fees when making orders, it only charges a trading fee for takers. That’s why it’s still quite competitive, despite its large trading fee.
- Good customer support: Remitano has a live customer support service for all your questions.
- Simple design: Anyone can buy and sell crypto with just a few clicks.
- Mobile apps: Great for trading on the go without sacrificing any of the website’s features.
- Focus on developing countries: Supporting Remitano also means supporting their goal to bring Bitcoin to developing countries in need for a better currency.
- Lack of worldwide support: 30 countries supported is not a high number when you have a P2P exchange.
- Lack of support for alt-coins: Besides Bitcoin you can only buy Bitcoin Cash, Ethereum and Tether.
- Large trading fees for takers: Compared to the industry average of 0.25%, a 1% fee seems to be a bit too high for some.
Got to Remitano
Is Remitano Good For Bitcoin?
Remitano focuses mostly on developing countries that arguably need a fiat alternative the most. To achieve this, Remitano moves strips away a lot of bells and whistles to make the experience as simple as possible. Sure you won’t be able to trade a lot of alt-coins but that’s not what Remitano is for.
That being said, we appreciate that Remitano still accepts first world countries like the USA to make those connections in between countries we desperately need. And although the fees may appear higher, if you average them out, you’ll end up with a simple and pretty responsive exchange that will keep growing and, hopefully, reach more countries where Bitcoin is needed the most.